Tuesday Volume 507 16 March 2010 No. 58 HOUSE OF COMMONS OFFICIAL REPORT PARLIAMENTARY DEBATES (HANSARD) Tuesday 16 March 2010 £5·00 © Parliamentary Copyright House of Commons 2010 This publication may be reproduced under the terms of the Parliamentary Click-Use Licence, available online through the Office of Public Sector Information website at www.opsi.gov.uk/click-use/ Enquiries to the Office of Public Sector Information, Kew, Richmond, Surrey TW9 4DU; e-mail:
[email protected] 707 16 MARCH 2010 708 feel that, as the Government have a stake in a number of House of Commons such institutions, perhaps they should have taken a lot more action to curtail the amount that bankers are still Tuesday 16 March 2010 being paid. Ian Pearson: The whole House will have had The House met at half-past Two o’clock representations from constituents on the issue of bankers’ bonuses. My hon. Friend will be aware that UKFI PRAYERS manages the Government’s interests in RBS, Lloyds Banking Group, Northern Rock and Bradford & Bingley on an arm’s length basis. It is not in the interests of [MR.SPEAKER in the Chair] shareholders, including the taxpayer, for banks to lose key profit-making staff, but we have to ensure an appropriate balance. As she will be aware, RBS made a commitment to pay the minimum possible, to protect the banking Oral Answers to Questions franchise, and it is in investment banking where that issue is most apparent. On behalf of the Government, UKFI took independent analysis and looked at sector TREASURY averages in coming to its conclusions, and it was entirely appropriate that it showed that due diligence.